Student Loans – CEC UGC http://cec-ugc.org/ Mon, 10 Jan 2022 23:42:01 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://cec-ugc.org/wp-content/uploads/2021/05/default-150x150.png Student Loans – CEC UGC http://cec-ugc.org/ 32 32 Current student loan news for the week of January 10, 2022 https://cec-ugc.org/current-student-loan-news-for-the-week-of-january-10-2022/ Mon, 10 Jan 2022 21:57:43 +0000 https://cec-ugc.org/current-student-loan-news-for-the-week-of-january-10-2022/ The State of New York State Report for 2022 has several proposals to reduce student debt for New York students. Here’s what you need to know about these proposals and what they could mean for your graduate fees. 1 current trend in student loans for the week of January 10, 2022 1. New York Governor […]]]>

The State of New York State Report for 2022 has several proposals to reduce student debt for New York students. Here’s what you need to know about these proposals and what they could mean for your graduate fees.

1 current trend in student loans for the week of January 10, 2022

1. New York Governor Announces Plans to Make Higher Education More Affordable

New York Governor Kathy Hochul last week released New York State for 2022, outlining her plans to protect student loan borrowers and make higher education more accessible. “With this investment, Governor Hochul will help ensure that more New Yorkers can finally say, ‘I’m out of student debt,'” the report read.

The report includes some key proposals from Governor Hochul that aim to provide debt relief for borrowers:

  1. Create free or reduced tuition residency programs for teachers in New York City.
  2. Expand tuition assistance programs for part-time students.
  3. Offer tuition-free programs at community colleges for high demand areas.
  4. Streamline financial aid applications at SUNY.
  5. Exempt from state income tax the cancellation of the student loan by the New York State Higher Education Services Corporation.
  6. Work with the federal government to automate the public service loan forgiveness application process.
  7. Stop withholding transcripts as a debt collection tactic for students attending SUNY / CUNY schools.
  8. Provide future healthcare workers with tuition-free college, lost income while in school, and child care and transportation services.
  9. Provide a $ 120,000 loan forgiveness to physicians who work in underserved areas for three years.

How it affects student loans

The plans outlined in the state of state report are primarily aimed at preventing students from going into debt in the first place – with subsidized tuition fees and tuition-free training programs in the foreground – and civil servants as teachers and health workers will benefit the most. .

Governor Hochul’s proposals have not been enacted, but a major change could be ahead. Many other states and colleges have implemented similar laws, and the federal government has already begun to focus on revisions to programs such as public service loan forgiveness.

Key to take away

Governor Kathy Hochul hopes to ease the burden of student debt in New York.

Here’s how to prepare

Whether you’re new to the area of ​​student loans or already in advanced repayment, it’s wise to stay on top of how your student loan rates might change. During 2022, more opportunities for cheaper loans or loan cancellations may open up; Keep an eye on the Bankrate student loan news center for the latest trends.

Learn more:

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What Kamala Harris Means For Your Student Loans https://cec-ugc.org/what-kamala-harris-means-for-your-student-loans/ Sat, 08 Jan 2022 23:05:53 +0000 https://cec-ugc.org/what-kamala-harris-means-for-your-student-loans/ Vice President Kamala Harris (Photo by ROBYN BECK / AFP via Getty Images) AFP via Getty Images Here’s what Vice President Kamala Harris could mean for your student loans. Here is what you need to know. Student loans For the past year, student loan borrowers have been wondering where President Joe Biden stands on student […]]]>

Here’s what Vice President Kamala Harris could mean for your student loans.

Here is what you need to know.

Student loans

For the past year, student loan borrowers have been wondering where President Joe Biden stands on student loan cancellation. They asked questions like:

While congressional leaders have focused on pressuring Biden to enact a full-scale student loan forgiveness, there is another principal who also has important views on student loans. Harris, a former US Senator (D-CA) and presidential candidate, has proposed several reforms to student loans and higher education. Let’s explore. (What Biden’s Latest Student Loan Relief Means for Your Student Loans).


Student loans: student loan cancellation up to $ 20,000

Is Cancellation of Student Debt the Next Step? As a presidential candidate, Harris proposed to write off up to $ 20,000 in student loan debt. Under Harris’ plan, canceling the student loan would not be accessible to everyone. Rather, Harris has sought to make the student loan waiver accessible to certain borrowers. For example, borrowers who have received Pell Grants, which are available to low-income students to help pay for their education, could receive a discount on their student loan if they started and ran a business for at least three years in a disadvantaged community. The aim was to help stimulate the economy in disadvantaged opportunities, encourage entrepreneurship and cancel student loans. (Biden extended student loan relief, but advocates really want student loan cancellation).


Student loan cancellation: not for everyone

As a moderate US senator and presidential candidate, Harris has not supported canceling all student loans. Senator Bernie Sanders (I-VT) has proposed the cancellation of all $ 1.7 trillion in student loans, including all private and federal student loan debt. That said, Harris, like Biden, supports up to $ 10,000 for student loan debt cancellation. (Student loan borrowers will receive $ 15 billion in student loan cancellations). As vice president, Harris said the student loan crisis “is real” and recognizes the need for solutions. Likewise, while Senate Majority Leader Chuck Schumer (D-NY) and Senator Elizabeth Warren (D-MA) have proposed a student loan waiver of up to $ 50,000, they too do not support l total cancellation of student loans. As part of their plan, Schumer and Warren would limit student loan cancellation only to federal student loans and borrowers earning up to $ 125,000 a year. (Here’s who qualifies for the student loan waiver right now).


Student loans: Harris supports college tuition-free

One way Harris has proposed to ease the burden on student loans is to make two-year college education free. Specifically, Harris argued:

  • college tuition-free at two- and four-year public colleges and universities for borrowers who earn up to $ 125,000 in annual income; and
  • doubling the maximum amount of the Pell grant.

Sanders and Warren have both defended the tuition-free university in the US Senate and during the presidential campaign. Like the large-scale cancellation of student loans, Congress has yet to pass the college tuition-free. (If you’re waiting for your student loan to be forgiven, do so).


Harris would also cancel student loans for these student loan borrowers

Harris, like Biden, has advocated for student loan debt cancellation for student loan borrowers at historically black colleges and universities (HCBU) and institutions serving minorities (MSI). “Regarding the history of HBCUs, [students] decide to take on a profession of service, which often doesn’t pay as well as if they went into the private sector and did other things, ”Harris noted. “So for the students who come out and have jobs that earn less than $ 125,000, the student loan debt will be forgiven as well. “

Over the coming months and year, Harris, along with Biden, could play a key role in shaping the future of student loans, student loan cancellation and student loan relief. The most recent extension of student loan relief for 90 days is one example. However, student loan relief will not last forever. It is also possible that Congress will not pass legislation reforming student loans. Until then, make sure you understand your student loan repayment options.

Here are some popular ways to pay off student loans faster:


Student loans: related reading

Is Cancellation of Student Debt the Next Step?

Student loan borrowers to receive $ 15 billion in student loan cancellations

Do it while you wait for the student loan to be forgiven.

Biden extended student loan relief, but advocates really want student loan cancellation


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CommonWealth Magazine https://cec-ugc.org/commonwealth-magazine/ Fri, 07 Jan 2022 21:56:15 +0000 https://cec-ugc.org/commonwealth-magazine/ IN ITS FIRST SIX MONTHS In existence, an ombudsman’s office responsible for handling complaints regarding the student loans sector received 393 complaints and requests for assistance. The complaints came despite the Biden administration putting on hold on federal student loan repayments during the pandemic. “Considering the number of complaints they are filing, given that there […]]]>

IN ITS FIRST SIX MONTHS In existence, an ombudsman’s office responsible for handling complaints regarding the student loans sector received 393 complaints and requests for assistance.

The complaints came despite the Biden administration putting on hold on federal student loan repayments during the pandemic.

“Considering the number of complaints they are filing, given that there has been a suspension or lull related to COVID, it shows how important and necessary the law was,” said Senator Eric Lesser, a Democrat of Longmeadow who sponsored the bill creating the office of the ombudsman. .

A report filed with the legislature this week by the ombudsman, who works in attorney general’s office maura healey, gave a first look at the brand new office, which was created in an economic development bill that governor charlie baker has signed last January. The report also provides an overview of issues related to the student loan industry.

“In working with borrowers, the Ombudsman’s Student Loans Assistance Unit has consistently found that the current federal loan repayment system is too complex and plagued by service failures that have trapped borrowers in unaffordable debt, ”wrote ombudsman Arwen Thoman. “Even with income-driven federal repayment plans, borrowers often face a long-term and costly debt burden.”

Borrowers who have received private loans, rather than those offered by the federal government, have fared less well, Thoman wrote, because they “generally have more expensive loans and fewer options to manage repayment.”

The office has a dual role: it helps borrowers by providing information and advice on their student loans and repayment plans, and it investigates complaints made to student loan service companies and resolves disputes. Student loan managers are companies that contract with the government or a lender to collect student loan payments.

According to the report, the office received 116 complaints against student loan officers and 76 other complaints about debts related to for-profit schools. There have been a small number of additional complaints involving public or nonprofit schools and student debt relief companies.

Most complaints against repairers – 72% – were split evenly between two student loan managers: the Pennsylvania Higher Education Assistance Agency and Navient Corporation. Both are large national corporations whose loan collection practices have drawn criticism.

Healey last February insured a colony with the Pennsylvania agency after suing the company, alleging it made mistakes and misinformed borrowers about loan cancellation and repayment programs, causing borrowers to derail in their repayment and lost months of loan cancellation.

U.S. Senator Elizabeth Warren, a Democrat from Massachusetts, accused Navient of problematic practices, including overcharging service members, keeping borrowers away from income-based repayment plans, and failing to inform borrowers of their rights.

Another 10 percent of complaints received by the ombudsman concerned the Massachusetts Education Finance Authority, a statutory nonprofit lender whose loans are administered by an affiliate of the Pennsylvania Higher Education Assistance Agency.

Lisa Rooney, spokesperson for the Massachusetts Education Finance Authority, said in a statement that with more than 100,000 borrowers, the agency “values ​​high quality customer service, addresses all customer concerns and provides solutions. flexible loan repayment terms “. She added, “We have a strong working relationship with the Office of the Student Loans Ombudsman, and we appreciate the role it will play in providing an independent resource for borrowers seeking advice on repaying their loans.

About two-thirds of the complaints were about failure to provide affordable repayment options, misinformation, or payment disputes related to a public service loan cancellation program.

The office has also received requests for help: 148 borrowers requested help exploring their student loan repayment options, 136 requested help with information about their student loans, and 89 requested assistance. help to get out of a default and avoid wage garnishment. (Some borrowers have had multiple complaints or requests.)

The report did not note any type of enforcement action or investigation against student loan managers, but it did indicate that the office generally focused on helping borrowers get information – about their loans, their loans, their loans. repayment plans and options to resolve payment defaults.

Of those who asked for help, 319 had federal loans and 105 had private business loans. Since reforms to the student loan sector in 2010, most loans have come from the federal government. But past loans are likely to have come from private lenders, and some borrowers today may still turn to a private lender if they want more money than they can get federally or if they cannot get a federal loan.

The report identified several systemic issues with the student loan system. For example, borrowers who can secure income repayment plans still end up with payments they can’t afford, heavy annual requirements for recertification, growing loan balances, and long repayment terms. Forbearance borrowers – a temporary suspension of payments due to economic hardship – may find their interest accruing and facing a heavy debt burden with no possibility of loan cancellation. Borrowers who pay late are often unaware that late payments result in accrued interest and less money to pay off the loan principle.

Overall, 191 borrowers (60%) who contacted the office said their federal loan payments were “not affordable” or “very unaffordable”, while only 50 (16%) classified their payments as “Affordable” or “very affordable”. Only 21 percent of federal student loan borrowers said their federal loan balance had declined over time, while 57 percent said it had not.

Private lenders offer less repayment flexibility to borrowers facing economic difficulties, and 68% of these borrowers find their payments unaffordable, while only 9% find them affordable. Of those with private loans, 34% said their balances had gone down over time, while 56% said no.

Another part of the student loan bill requires the Banking Division to establish a licensing system for student loan services. The division published news rules governing student loan managers last summer. Lesser predicted that over time this will lead to a change in behavior on the part of student loan managers as the division can create rules and enforce them.

“In the days before, it was the Wild West, unregulated,” Lesser said. “The state had very few tools to enforce good behavior. “

Healey, in a statement, called the student loan system “fundamentally shattered and devastating to countless Americans,” noting that Americans now owe $ 1.8 trillion in student debt.

Meet the author

Journalist, Commonwealth

On Shira Schönberg

Shira Schoenberg is a reporter for CommonWealth magazine. Shira previously worked for over seven years at the Springfield Republican / MassLive.com where she covered state politics and elections, covering topics as diverse as starting the legal marijuana industry, issues with the state foster care system and the elections of US Sen Elizabeth Warren and Governor Charlie Baker. Shira won the 2018 Massachusetts Bar Association Award for Excellence in Legal Journalism and several articles won awards from the New England Newspaper and Press Association. Shira covered the 2012 New Hampshire presidential primary for the Boston Globe. Prior to that, she worked for the Concord (NH) Monitor, where she wrote about state government, city hall, and Barack Obama’s primary campaign in New Hampshire in 2008. Shira is the incumbent of a master’s degree from the Graduate School of Journalism at Columbia University.

On Shira Schönberg

Shira Schoenberg is a reporter for CommonWealth magazine. Shira previously worked for over seven years at the Springfield Republican / MassLive.com where she covered state politics and elections, covering topics as diverse as starting the legal marijuana industry, issues with the state foster care system and the elections of US Sen Elizabeth Warren and Governor Charlie Baker. Shira won the 2018 Massachusetts Bar Association Award for Excellence in Legal Journalism and several articles won awards from the New England Newspaper and Press Association. Shira covered the 2012 New Hampshire presidential primary for the Boston Globe. Prior to that, she worked for the Concord (NH) Monitor, where she wrote about state government, city hall, and Barack Obama’s primary campaign in New Hampshire in 2008. Shira is the incumbent of a master’s degree from the Graduate School of Journalism at Columbia University.

“My office helps students navigate this complex system every day and sees how this system and the associated debt burden are preventing families from buying homes, cars, saving for retirement, or investing in their own. kids, ”Healey said. “While our student loan assistance unit has helped thousands of borrowers get their loans and secured millions of dollars in assistance, the federal loan repayment system continues to trap students in unaffordable debt, Loan officers still don’t do their jobs, and private loan options are generally worse.

Healey said that in addition to helping local borrowers, she is calling on the US Department of Education to improve repayment plans and pushing for the cancellation of federal loans. Although Biden suspended student loan payments during the pandemic, some progressive advocates, like Warren, have called on him to write off up to $ 50,000 in federal student debt.

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Wife pays off husband’s student loan debt, shares Christmas Day surprise in viral video https://cec-ugc.org/wife-pays-off-husbands-student-loan-debt-shares-christmas-day-surprise-in-viral-video/ Wed, 05 Jan 2022 21:51:28 +0000 https://cec-ugc.org/wife-pays-off-husbands-student-loan-debt-shares-christmas-day-surprise-in-viral-video/ A TikToker video went viral after she paid off her husband’s student loan debt, revealing the news in a Christmas surprise. The video has received a lot of attention online from viewers since it was uploaded over Christmas. Jayla Henry, who is an influencer, content creator and mother of two, recently shared the video on […]]]>

A TikToker video went viral after she paid off her husband’s student loan debt, revealing the news in a Christmas surprise. The video has received a lot of attention online from viewers since it was uploaded over Christmas.

Jayla Henry, who is an influencer, content creator and mother of two, recently shared the video on TikTok via her handle. @ jaylabrenae5. In the video viewed over 437,000 times, Jayla’s husband opened a gift in wrapping paper that was also in a gift bag. The song Christmas LoFi played by Jake Giddens during the music video.

Her husband wore party pajamas as he sat on a sofa as he opened his present, which was a pair of shoes with the words “Debt Free” on it.

“Debt free?” her husband questioned.

“Yes,” replied the TikToker. “I want you to walk around debt free.” The words also appeared on the screen.

She handed him the phone with a recording of her conversation while paying off her student loan debt with Sallie Mae, revealing the details via text on the screen.

Someone on Sallie Mae’s phone said “Kudos to him”, mentioning that he is “a lucky guy”.

A TikTok went viral after a woman revealed she paid off her husband’s student loans in the Christmas surprise. Pictured is a graduation hat on the silver.
ZIMMYTWS / GETTY

Her husband appeared to get emotional, grabbing her face with one hand as his wife finished her conversation with the loan officer on the phone. “It is a desire of our two hearts”, we can read on the screen. “Merry Christmas baby!”

Her husband stood up to kiss his wife, and the video then showed a screenshot of all of his loans repaid in full. The short 43-second clip has people rocking, and many are enjoying what the TikToker has done for her husband. Over 70,000 people have liked the post so far.

Jayla also shared the video on Instagram, revealing that they wanted to move into 2022 “closer to being completely debt-free.” Her husband did not know that she had saved up to pay off the debt. “While we had him trimmed, he didn’t know I had been saving for that exact moment all year,” she wrote. “You are a debt free baby student, and we are one step closer to a debt free family! “

According to Federal Reserve, in the third quarter of 2021, there was $ 1.75 trillion in student debt in the United States. Education Data Initiative reported that 43.2 million borrowers have student loan debt at an average of $ 39,351.

Many viewers praise TikToker for paying off her husband’s debt. “Girl,” said one viewer. “You are a hell of a life partner.”

One user admitted to “crying” while watching the video, saying he “gave up and had so many loans”. They also added: “You are amazing for this.”

Other viewers made comments like “Congratulations! I hope you are all prospering ”.

“It’s amazing,” said another viewer.

Some people made jokes, like a TikToker who asked, “Did he make you leave Amazon?” “

However, one viewer admitted that those who paid off student loans “annoyed them”, adding that there were “so many programs and ways to cut and forgive them, like researchers.”

The video gave a viewer “chills”, revealing that “this is the best gift I’ve seen all day.”

One TikToker put it simply: “This is love.”

News week has contacted Jayla Henry for comment.


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Guy chokes after his wife repays student loans for Christmas: VIDEO https://cec-ugc.org/guy-chokes-after-his-wife-repays-student-loans-for-christmas-video/ Tue, 04 Jan 2022 22:04:11 +0000 https://cec-ugc.org/guy-chokes-after-his-wife-repays-student-loans-for-christmas-video/ 26-year-old stay-at-home mom Jayla Henry just surprised her husband with the best Christmas present: paying off his student loan debt. On TikTok and Instagram, Jayla posted the moment her husband Tony opened his giveaway and learned that he would enter 2022 debt-free. The video begins with Tony unwrapping a pair of shoes that read “debt […]]]>

26-year-old stay-at-home mom Jayla Henry just surprised her husband with the best Christmas present: paying off his student loan debt.

On TikTok and Instagram, Jayla posted the moment her husband Tony opened his giveaway and learned that he would enter 2022 debt-free.

The video begins with Tony unwrapping a pair of shoes that read “debt free”.

Jayla put a text on the screen that read:

“I gave my husband gag gifts for Christmas leading to his surprise!”

Tony looked confused by the moccasins and asked why there was “debt free” printed on them.

Jayla replied:

“Yeah, I wanted you to walk around debt free.”

That’s when Jayla hands him her phone to play the recording of her conversation with a representative of Sallie Mae.

The representative can be heard saying:

“!

Overwhelmed by the reality of paying his debt, Tony covers his face as if he could cry.

The two kiss and a picture of his account that says, “All student loans are paid in full,” flashes on the screen.

@ jaylabrenae5

Work hard to prepare our family for a great future. Merry Christmas❤ #debtfree #merrychristmas #bestgift #fyp #husbandgift #emotional

Jayla said Buzzfeed about this moment:

“I’m a great town crier, so I instantly had tears in my eyes.”

“Seeing his appreciation was all I needed, but it was also so special to me that he cried too because he doesn’t do it often.”

“He knew how much I had to sacrifice to pay for them.”

“After the video clippings, I got the biggest and longest hug, a million ‘Thank you’ and a ‘I owe the world to you now’.”

“I am so happy that we can close this debt chapter! “

The couple’s supporters have showered them with admiration both on TikTok and on Instagram.

@ shi_giggles / TikTok; @ jaylabrenae5 / TikTok

@ niccashley / TikTok

@ espdaniella / TikTok

@ tech.aesthetic / TikTok

@ yeahimcrystall / TikTok

@ thebirdspapaya / Instagram

@ themattiejames / Instagram

@ daynabolden / Instagram

@ mailedby_marea / Instagram

@ petitelittlelady_ / Instagram

Student loan debt seems to be everyone’s priority as President Biden pushes back on student loan repayment to date another 90 days to May 1, 2022.

So how did Jayla and Tony do it?

In early 2021, the couple looked at their finances together and set goals to eliminate their debt. However, the Henrys faced a huge hurdle.

Tony lost his job due to COVID. Fortunately, Jayla was able to continue to grow her online presence and pay the bills through branded partnerships.

Jayla has approximately 232,000 followers on Instagram and 227.4,000 followers on TikTok.

Since becoming an influencer, Jayla had put aside her income in an emergency fund and a children’s fund, but secretly she also saved up for Tony’s student loan debt.

Jayla explained how she got inspired to do it:

“Before I became an influencer, I was a stay-at-home mom with zero income, but wanted to be home with my baby.”

“Not once have I been made to feel bad about it – only appreciated for everything I have done at home and with our son!”

“That alone made me want to pay him back.”

“I was never really the type to splurge on anything, let alone on loans, but I knew that in order to accomplish something like this I really needed to see the big picture. of my expenses. “

“Buying only what we needed, not what we wanted, taking into account the money coming in and going out and how much I could afford to put aside on each paycheck …”

“My husband luckily found a job in July and it has been a big help with our bills and savings. “

Jayla and Tony first met in the tailgate of a college.

Upon meeting Jayla said to Tony with her arms wrapped around him:

“I just want you to know that you are going to be my husband.

Four years later, the couple moved to Texas and pursued their dream of seeing Tony use his architectural degree and design their home.

Now that they have no more student debt, that dream is more like a reality.

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Experts Recommend Students Explore Future Payment Options For Federal Loans | ABC Fox Missoula https://cec-ugc.org/experts-recommend-students-explore-future-payment-options-for-federal-loans-abc-fox-missoula/ Sun, 02 Jan 2022 22:03:00 +0000 https://cec-ugc.org/experts-recommend-students-explore-future-payment-options-for-federal-loans-abc-fox-missoula/ MISSOULA, Mont. – Talking with student loan experts, borrower worries remain high as they always anticipate when payments will eventually start again. This time, President Biden announced that the suspension will continue until May 1. Allow borrower balances to be frozen with no payments required in most federal student loans, but that doesn’t mean the […]]]>

MISSOULA, Mont. – Talking with student loan experts, borrower worries remain high as they always anticipate when payments will eventually start again.

This time, President Biden announced that the suspension will continue until May 1.

Allow borrower balances to be frozen with no payments required in most federal student loans, but that doesn’t mean the challenge of paying them off is gone.

“Student loan borrowers are absolutely frustrated, they feel like they paid for this degree and they borrowed money for this degree and it didn’t necessarily come up with the annual income they expected. Fortunately, federal student loans come with a lot of repayment protections, apart from those protections during a pandemic, ”said one student loan expert.

Many students are wondering what you can do if you just can’t afford the pre-COVID installments in the spring?

  1. Talk to certified student loan counselors working nationwide, including Montana
  2. Keep in mind that every policy differs from the loan company you borrowed from. Advisors recommend planning ahead and making the necessary adjustments as soon as possible.
  3. Work directly with your federal loan companies and find a plan that’s right for you before those repayments resume.

“Once you have that answer you can go back to your federal loan manager with perhaps a little more confidence and say yes that’s what I would like either a forbearance deferral or a repayment based plan. on income and it makes you feel really good about the choice you make to manage your debt, ”said a student loans expert.


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Remember student loans? How to prepare for the end of pandemic tolerance https://cec-ugc.org/remember-student-loans-how-to-prepare-for-the-end-of-pandemic-tolerance/ Sat, 01 Jan 2022 18:20:00 +0000 https://cec-ugc.org/remember-student-loans-how-to-prepare-for-the-end-of-pandemic-tolerance/ Press release After nearly two years of pandemic relief, federal student loan payments are expected to resume in February. Now is the time for borrowers to reassess their budgets and familiarize themselves with their payment plans. “Federal forbearance has provided much needed relief for student loan borrowers during the pandemic, but it was always meant […]]]>

Press release

After nearly two years of pandemic relief, federal student loan payments are expected to resume in February. Now is the time for borrowers to reassess their budgets and familiarize themselves with their payment plans.

“Federal forbearance has provided much needed relief for student loan borrowers during the pandemic, but it was always meant to be temporary,” said Jessica Ferastoaru, student loan advisor at Take Charge America, a national loan counseling agency. credit and nonprofit student loans. “With payments resuming in a few weeks, borrowers should quickly create a game plan that works for them, taking into account loan status, employment and income. “

Ferastoaru shares options that borrowers should consider as the end of forbearance nears:

• Confirm your agent (s): With several agent changes during the forbearance period, the company handling your loan may have changed since you made your last payments. Visit studentaid.gov to confirm your loan officers.

• Explore Income-Based Repayment Plans (IDRs): If your income has declined in the past two years, request an IDR plan at studentaid.gov for a lower payment. IDR plans cap payments based on income and family size, adjusting as circumstances change. You must renew your certification annually. If you are already on an IDR plan, your recertification date may have been extended during the forbearance period. Contact your repairer to confirm.

• Learn about other options: If you don’t qualify for an IDR plan and can’t afford your payment, ask your agent for additional options like deferral or greater forbearance. In both options, payments are suspended, but with a deferral, interest on subsidized loans can be waived, while interest will accumulate in the event of forbearance.

• Manage delinquent loans: To avoid wage garnishment or tax refund offsets, make sure your loans are no longer in arrears. Options include consolidating or rehabilitating loans. Consolidation combines your loans into a brand new loan that you agree to repay under an IDR plan. After three consecutive payments, you can change your plan, if you wish. As part of the rehabilitation, borrowers agree to make nine consecutive payments on time over a 10-month period to get out of default. If your loans are currently being pardoned, make sure you don’t miss your first payment after the forbearance. If you miss more than one rehabilitation program, you may be removed from the program.

• Reinstate Automatic Payment: If you had set up automatic payments before Pandemic forbearance, contact your service agent to confirm if you need to re-register to ensure you do not miss your first payment. Your account status will change from “current” to “past due” after a single missed payment on a federal student loan. If your loan becomes 90 days past due, it can negatively impact your credit.

For step-by-step advice on student loan repayment options, check out Take Charge America’s student loan counseling services.


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Private Student Loan Forgiveness Doesn’t Exist, But Try These Alternatives – Forbes Advisor https://cec-ugc.org/private-student-loan-forgiveness-doesnt-exist-but-try-these-alternatives-forbes-advisor/ Fri, 31 Dec 2021 12:38:18 +0000 https://cec-ugc.org/private-student-loan-forgiveness-doesnt-exist-but-try-these-alternatives-forbes-advisor/ Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. Private loans tend to have higher interest rates for most borrowers, and there are generally fewer repayment plans and hardship options than federal loans. If you’re struggling with your student loan debt, […]]]>

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

Private loans tend to have higher interest rates for most borrowers, and there are generally fewer repayment plans and hardship options than federal loans.

If you’re struggling with your student loan debt, you might be wondering if private student loan cancellation is an option. Unfortunately, private loans are not eligible for most forgiveness programs. However, there may be other sources of assistance for private student loans.

Can Private Student Loans Be Forgiven?

With regard to student debt, you have either federal loans or private loans. Federal loans are issued by the US Department of Education, while private student loans come from banks, credit unions, or online lenders. This difference is the reason why private student loan cancellation is so unattainable.

While federal loans are eligible for programs such as Public Service Loan Forgiveness (PSLF), private loans are not. Since private student loans are issued by individual companies rather than the government, it would require congressional legislation to enact general remission measures. And, any measure would likely have to allocate funds to pay lenders on behalf of borrowers rather than just absorb the cost, making forgiveness measures unlikely.

The only cases where private student loans can currently be canceled are in the event of death or permanent disability, but even then release usually depends on your lender’s policy.

5 ways to get help with a private student loan

While private student loan forgiveness is not available, there are other ways you can get help paying off your debt. By using these five tips, you can make your loans more manageable.

1. Career-focused student loan repayment programs

Although federal employment-based forgiveness programs are not available to private loan borrowers, you may be eligible for repayment assistance programs depending on your career. These programs are typically run by state governments or professional associations and will repay a portion of your loans in exchange for a commitment to work in an area of ​​great need.

Careers generally eligible for these programs include nurses, physicians, dentists, teachers, and lawyers. Consider these examples:

  • Nursing Corps Loan Repayment Program. Under this program, you can have up to 85% of your loans repaid if you are a registered nurse, advanced practice registered nurse, or nursing faculty member. To be eligible, you must commit to working at a designated facility in the event of a critical shortage.
  • New York State Teacher’s Loan Surrender. If you are a teacher in New York City and work in an elementary or secondary school, you may be eligible for student loan repayment assistance of up to $ 20,000. Under the rules of the program, you must agree to teach in a hard-to-hire area or to teach a high-need subject.
  • Florida Bar Loan Repayment Assistance. This program provides student loan assistance to lawyers employed by legal aid organizations that receive grants. Under the program, eligible lawyers can receive up to $ 5,000 per year to repay their loans.

To find out if you are eligible for student loan assistance programs, contact your national education agency or professional association.

2. Repayment assistance depending on location

If you are ready to relocate to another area, you may be able to get help paying off your private or federal loans. Some states and counties offer special incentives to encourage people to relocate to certain locations. For example:

  • Kansas Rural Opportunity ZonesPeople moving to designated rural areas in Kansas can receive up to $ 15,000 in student loan repayment assistance from the state. Plus, you might also be eligible for an income tax exemption, making the move even more beneficial.
  • Maine opportunity. University graduates who attended a Maine school and decide to live and work in the state can have their student loan payments reimbursed through income tax credits, up to an annual maximum.
  • Maryland SmartBuy. The Maryland SmartBuy program helps borrowers pay off student debt and become homeowners. Through the program, eligible applicants can get up to 15% of the purchase price of their home to pay off student debt (up to a maximum of $ 30,000).

Check with your state commerce department to see if there is a similar program in your area.

3. Find an employer who offers a student loan repayment

A growing number of employers are helping their employees pay off their student loans. Big companies like Estée Lauder, SoFi, and Hulu will pay off a portion of your student loans as an added benefit, up to an annual or lifetime maximum. Talk to your human resources department to find out if your business has an employer student loan assistance program.

4. Contact your lender

If you’re having trouble with your payments, contact your lender. Even though private student loans are not eligible for loan cancellation or income-based repayment (IDR) plans, lenders often have their own programs to help borrowers avoid default or default.

You may be able to temporarily postpone your payments or reduce your payments as a whole. For example, the following lenders offer alternative repayment options:

  • College Avenue. College Ave borrowers may be eligible for a forbearance period of up to 12 months.
  • Sallie mae. Sallie Mae allows some borrowers to defer payments if they return to school or undertake an internship or residency.
  • Rhode Island Student Loan Authority (RISLA). RISLA, which lends to borrowers across the country, is one of the only private lenders to offer an income-tested repayment option.

5. Consider refinancing

If you have high interest private student loans and want to pay them off as quickly as possible, student loan refinancing can be a useful strategy. Depending on your credit score and your debt-to-income ratio (DTI), you may be eligible for a loan at a lower rate than you currently have, which will help you save money and pay off your student loans more. quickly.

For example, let’s say you had $ 40,000 in student loans at 6% interest and a 10-year repayment term. If you refinanced your loans and qualified for a seven-year term at 4% interest, you would save over $ 7,300 in interest charges and pay off your loans three years earlier than originally planned. You can use a student loan refinance calculator to see how much you can save by refinancing your debt.

To get the best rate, shop around and get quotes from several student loan refinance lenders.

Final result

While private student loan cancellation is not an option, there are a variety of programs that can help you pay off your debt. You may also be eligible for alternative payment plans or student loan refinancing to pay off your debt faster. If you’re having trouble with your payments or need help understanding your repayment plan, contact your lender to discuss your options.

Best Student Loan Refinance Lenders of 2022

Find the best student loan refinance lenders for your needs.


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Nikema Williams makes ‘urgent demand’ for Biden to cancel student loans – Oakland News Now https://cec-ugc.org/nikema-williams-makes-urgent-demand-for-biden-to-cancel-student-loans-oakland-news-now/ Thu, 30 Dec 2021 06:46:48 +0000 https://cec-ugc.org/nikema-williams-makes-urgent-demand-for-biden-to-cancel-student-loans-oakland-news-now/ https://www.youtube.com/watch?v=L7GL3b1QWSs Oakland News Now – Nikema Williams makes ‘urgent demand’ on Biden to cancel student loans – video made by the YouTube channel with the logo in the upper left corner of the video. OaklandNewsNow.com is the original blog post for this type of video blog content. Earlier this month, Representative Nikema Williams (D-GA) spoke […]]]>

https://www.youtube.com/watch?v=L7GL3b1QWSs

Oakland News Now –

Nikema Williams makes ‘urgent demand’ on Biden to cancel student loans

– video made by the YouTube channel with the logo in the upper left corner of the video. OaklandNewsNow.com is the original blog post for this type of video blog content.

Earlier this month, Representative Nikema Williams (D-GA) spoke in the House about student loan debt cancellation. Stay logged in …

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Note from Zennie62Media and OaklandNewsNow.com: This video blog post shows the full, live operation of the latest updated version of an experimental network of Zennie62Media, Inc. mobile multimedia video blogging system that was launched in June 2018 This is an important part of Zennie62Media, Inc.’s new and innovative approach to news media production. What we call “the third wave of media”. The uploaded video is from a YouTube channel. When the Forbes Breaking News YouTube video channel uploads a video, it is automatically uploaded and automatically formatted on the Oakland News Now site and on social media pages created and owned by Zennie62. The overall goal here, in addition to our is the real-time on-scene reporting of news, interviews, sightings and events all over the world and in seconds, not hours – is the use of the network existing YouTube social. graphic on any topic in the world. Now the news is reported with a smartphone and also by promoting the current content on YouTube: no heavy and expensive camera or even a laptop is needed, nor to have a camera crew to film what is already on Youtube. The secondary objective is faster and very inexpensive production and distribution of media content information. We have found that there is a lag between the length of the post and the production time and revenue generated. With this the problem is much less, but by no means solved. Zennie62Media is constantly striving to improve the system’s network coding and is looking for interested multimedia content and technology partners.

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I want a loan, how long will it take to get my money? https://cec-ugc.org/i-want-a-loan-how-long-will-it-take-to-get-my-money/ Tue, 28 Dec 2021 18:58:57 +0000 https://cec-ugc.org/i-want-a-loan-how-long-will-it-take-to-get-my-money/ Our goal here at Credible Operations, Inc., NMLS number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are ours. The Credible Money Coach explains how long […]]]>

Our goal here at Credible Operations, Inc., NMLS number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are ours.

The Credible Money Coach explains how long it can take to complete different types of loans. (Credible)

Dear credible money coach,

How long does it take to complete a loan from start to finish? – Mary Ann

Hello, Marie Anne. Thanks for your question! The time it takes to get a loan will vary depending on the type of loan, your financial situation, and even underwriting requirements that are beyond your control.

Let’s take a look at how these factors might affect the length of the loan process, from applying to getting the money.

Deadlines for the different types of loans

The type of loan you apply for can have a significant effect on the time it takes to get funds, and much of that time difference relates to risk and paperwork.

Mortgages and refinancing

Since mortgages are large loans, they pose a significant risk to lenders. They have to go through a long and expensive foreclosure process if you default. They could lose hundreds of thousands of dollars if a mortgage is not paid off as agreed.

Therefore, mortgage lenders carefully screen borrowers, which can take at least 30 days to complete a loan. Depending on your financial situation and how much you want to borrow, getting a mortgage can take much longer, say 45, 60, or even 90 days.

Personal loans

Although it usually takes less time to get approved for a personal loan, the time limit varies depending on your credit, the amount you want to borrow and the lender.

It usually takes one to five business days to complete a personal loan, although some online lenders may deposit your funds as soon as the the same day or the next working day.

Student loans

Usually, it takes two to ten weeks to get a student loan. If you are applying for a federal student loan, you must complete the FAFSA, or Free Federal Student Aid Application.

However, it may take longer to get your student loan funds, as they’re usually only paid a week or two before the semester. And lenders typically send funds directly to your school for private and federal student loans.

Auto loans

If you apply for financing from a dealership when buying a car, the approval process is usually reduced to a few hours. If you go through a bank or credit union to get pre-approved before you buy a car, it may take a few days to get the funds.

Short term loan

There are many short term loan options if you have an urgent need for cash, such as payday loans and title loans. Because of the fees associated with payday loans and property titles, their effective annual percentage rate, or APR, can be in the range of 400%, according to research by the Consumer Financial Protection Bureau.

With a personal loan, you may have to pay it off on your next paycheck. Otherwise, your balance can be transferred to a new loan with additional fees, which becomes even more difficult to pay off. Therefore, be extremely careful and only use a short term loan when you have nowhere to go.

Your credit and finances

While having good credit may not process your loan application any faster, it helps you get the best rates and terms. Here are some other tips to make your loan application go smoothly:

  • Pay off the debt. Having relatively low debt balances lowers your credit utilization rate, thereby increasing your credit score.
  • Pay your bills on time. Having a good payment history is the most critical factor in maintaining a great credit rating.
  • Watch your debt ratio (DTI). Most mortgage lenders have strict DTI limits that you must meet for approval.
  • Prepare your documents. Before you apply for a loan, find out what is required, such as a W-2, bank statements, and tax returns. Preparing your papers will save you time.

One last word

No matter how quickly you can get a loan, it’s a good idea to shop around – check the rates and terms of several lenders – before committing to a credit product. Rates, terms and fees can vary widely from one lender to another. They can also vary depending on the type of loan. Comparison shopping can help you get the best deal available.

Ready to learn more? Discover these articles …

Need Credible® advice on a money issue? Email our credible money coaches at moneyexpert@credible.com. A Money Coach could answer your question in a future column.

This article is intended for general informational and entertainment purposes. The use of this website does not create a professional-client relationship. Any information found on or derived from this website should not be used as a substitute for and should not be construed as legal, tax, real estate, financial, risk management or other advice. If you require such advice, please consult a licensed or competent professional before taking any action.

—–

About the Author: Laura Adams is a personal and small business finance expert, award-winning author and host of money girl, a top rated weekly audio podcast and blog. She is frequently cited in the national media, and millions of readers and listeners benefit from her practical financial advice. Laura’s mission is to empower consumers to live richer lives through her work as a speaker, spokesperson and advocate. She received an MBA from the University of Florida and lives in Vero Beach, Florida. Follow her on LauraDAdams.com, Instagram, Facebook, Twitter, and LinkedIn.



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